CORE-QUALITY ASSET WITH UPSIDE IN DOWNTOWN’S HOTTEST SUBMARKET Iron House Apartments is a market rate multifamily asset with value-add upside in the ever-expanding Virginia Commonwealth University submarket. VCU enrollment continues to grow and demand for quality housing is as strong as it has ever been across all demographics. As Downtown Richmond evolves, the market will reward owners who prioritize entrepreneurial marketing tactics, provide integrated technologies, and offer retail amenities like fast casual dining. The current owners have spared no expense maintaining Iron House, so the new owner will be able to focus on income-generating strategies. The property is directly across the street from VCU’s indoor arena, the Siegel Center, a block from the VCU bookstore, and an easy walk or bike ride to the primary academic campus, Monroe Park, and its dining, recreational, and social offerings. With a Walk Score of 96, Iron House is a ‘Walker’s Paradise’ community, where daily errands do not require a car. Kroger, the area’s only major supermarket, is only a block west of the property. STRENGTHS -Infill location creates natural barriers against competition -VCU’s steady growth continues to drive leasing and cash flows -Property carries a sizeable prepaid rental balance -All residential leases are co-signed @ 5x rent -25 1BD units stay rented, anchoring income and occupancy -100% units pay a scalable water/sewer fee OPPORTUNITIES -Iron House was an early acquisition for seller and is now their smallest property. Their operating model is no longer efficient at a property this size -Create destination retail as a resident amenity to stand apart from competitors -Terminate costly cable contract to save over $13,000 annually -Deploy the latest marketing tactics like Spotify playlist targeting, YouTube Shorts and Instagram Reels -Eliminate various technology-related administrative expenses -Personnel expenses should be limited to successful leasing efforts and targeted maintenance calls UNIT MIX: -1 BD/1 BA: 25 units (566 average SF) -2 BD/2 BA: 6 units (881 average SF) -3 BD/2 BA: 4 units (1,221 average SF) -Commercial: 4 units (1,465 average SF)